Observing the Connection Between Mental Health and Finances


Finances are key to being able to live well. No matter what you think of money, you can’t deny that being able to pay the rent without struggling is a wonderful feeling. Unfortunately, financial stress affects many people and leads to adverse mental health effects. In fact, according to the National Library of Medicine, 23% of people who have known mental health problems are affected by major financial problems. If you think you’re one of them, you can get help.

What Counts as Financial Stress

Technically, financial stress would be any situation where money creates an adverse atmosphere. Surely you’ve felt the surge of stress that comes with suddenly finding you have a huge car repair bill, for instance; everyone faces circumstances like that at least once in their life. But when those stressful financial situations keep occurring or are a constant presence in your life, that’s when your mental health can start to have issues. Living paycheck to paycheck, being in debt, having business problems, and even having to deal with long bus commutes because you can’t afford a car are just a few examples of chronic financial stress that can really harm your mental health, leading to depression and anxiety.

Why Money Affects Long-Term Mental Health

You can always work to better your financial situation, so why would financial stress take such a toll? Finances and money directly affect how well you can survive and raise your family; without money or stable finances, you don’t feel truly secure. Having money has its share of issues, too, but not having it or not having enough means you’re living on the edge and can suffer more from depression and anxiety. It’s very hard to stay internally calm when that type of scarcity is always present wherever you turn.

How to Recover

Obviously, getting more money, paying off that debt, and so on will go a long way toward improving your mental health. There are two things you need to keep in mind, though. It may not end all your mental health issues as you can have those regardless of your financial status, and it may not be the only thing you need to do to actually recover. You may need counseling and therapy because financial PTSD is real. You may also need budget counseling because a sudden improvement in your financial situation can be jarring, and you need to handle it correctly.

If you think your depression and anxiety may be caused by financial stress, seek help. Both practical help like resume building and emotional help like therapy can assist you as you try to make your financial situation a lot better. Give us a call today for more information!

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